Source | Indian Express
Non-Fungible Tokens, secured through blockchain technology, are expanding the definition of art and helping artists circumvent traditional gatekeepers of the art world
Headlines in the last few weeks have made not just creative communities but people around the globe scratch their heads about the value of art in 2021.
Art investors traditionally rely on galleries and auction houses to find new and exciting art, but emerging NFT technology is bringing about a revolution. How? Through Non-Fungible Tokens (NFTs) —a kind of crypto token connected to digital assets such as song files, digital art, royalties etc., which are helping artists sell their art directly to art lovers. Fungible items can be exchanged because they are defined by their value rather than their unique properties. For example, Ether, a kind of cryptocurrency, and dollars are fungible because 1 ETH / $1 USD is exchangeable for 1 ETH / $1 USD. This is not so for NFTs, which are tokens that can be used to represent ownership of unique items. They let us tokenise things like art, collectibles, and even real estate. They can only have one official owner at a time and they’re secured by records in digital ledgers known as blockchain – no one can modify the record of ownership or copy and paste a new NFT into existence.